The deal was agreed to by New York representatives on the board only after getting assurances from New Jersey representatives that they would support a plan for developer Larry Silverstein to build office towers at the World Trade Center site.

There is also tight deadline for the project as the bigger ships will be sailing up the Atlantic through a wider Panama Canal by 2015.

Governor Chris Christie praised the plan on Tuesday.

“We’ve met one of New Jersey’s great economic challenges for our future,” Christie said, “this industry will continue to remain a vital part of New Jersey’s economy and this region’s economy…for the foreseeable future.”